Press release
Counterfeit Drug Detection Devices Market 2017-2021
The “Global Counterfeit Drug Detection Devices Market Assessment & Forecast: 2017 - 2021”, estimates that the global counterfeit drug detection devices market was valued at US$ 904.5 Million in 2016 and is expected to reach US$ 1,368.5 Million by 2021 growing at a CAGR of 8.5%.
Large numbers of companies are currently marketing their products in the counterfeit drug detection devices market; majority of these are based on spectroscopy technology. With increasing popularity due to its merits over other technologies, the market for Raman spectroscopy based devices is expected to grow higher among other spectroscopy technologies for counterfeit drug detection, however the usage of NIR and Raman spectroscopy in tandem is much higher since the techniques complement each other. Counterfeit drug detection technology has evolved greatly from large laboratory set-up to battery powered handheld devices. Increased efficiency, ease of use, rapid test results and on-field applications are major factors driving their adoption in drug regulation and compliance. New devices are continuously being tested and are expected to launch in near future. While these new devices are expected to expedite counterfeit drug detection devices market growth during the forecast period, old devices would be replaced gradually. U.S. FDA has developed a novel device for counterfeit drug and package identification. The device has evolved with time and the latest version of the counterfeit detection device CD-3 costs around US$ 1,000. Apart from its use by the U.S. regulatory authorities, the device is also being deployed to other countries including Canada, Ghana, Laos and United Kingdom.
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In spite of strict regulatory policies, a large percentage of drugs marketed online in the U.S. are counterfeit. According to data published by National Association of Boards of Pharmacy in the United States over 90% of the pharmacies engaged in online sales did not comply with patient safety and pharmacy practice standards, or state and federal laws. Such higher percentage of falsified drug outlets have raised concerns and demanded strict measures to control the crisis. Government initiatives for implementing unit level track and trace policy has boosted RFID and barcode systems application in pharmaceutical supply chain. However reluctance of stakeholders in acceptance of capital intensive RFID technology has impeded its market growth.
Key players mentioned in the counterfeit drug detection devices market ASD Inc., B&WTek, Centice, Consumer Physics, Inc., Global Pharma Health Fund E.V., Olympus Corporation, PharmaSecure, Rigaku Analytical Devices, Sproxil, Stratio, Inc., Thermo Fisher Scientific, Inc., TSI Group, Veripad Company and various others.
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Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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